Bulgaria former presidential advisor with grim predictions about local economy

Date: 27.11.2008

The upcoming several months are going to be a test for Bulgaria's economic and political future, according to the Bulgarian economy expert Professor Dimitar Ivanov, who spoke on Wednesday at a round table about he global financial crisis, organized by the municipality of Sofia.

Ivanov predicted a 4% decline of the country's economic growth and a sharp decline in all business sectors.

The decline was going to be the mots noticeable in the sectors of construction, real estate, finances, tourism, which currently constitute 60% of Bulgaria's Gross Domestic Product.

"The business activity in the country is collapsing. And we have a Prime Minister, who, to be honest, meets each proposal coming from the Opposition with his unprecedented formula of "Hello actors from the circus," the Professor stated.

The financial crisis will have a duration of several year, Ivanov further explained, citing the official forecast of the International Monetary Fund, showing that the global economy is entering recession to last all through 2009.

The Professor, who is a former economy advisor the Bulgarian President Georgi Parvanov, pointed out that foreign banks in Bulgaria were at greater danger of bankruptcy than even the ones in the US.

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